TSC Power Stock Ratings: Qualcomm

During the week of July 14, TheStreet.com readers searched for the following 10 stocks more than any others. This week, new entrant QualcommQCOM joins the list as investors seek answers to their questions about the company's recent price action.

Each week, I make the Buy, Sell or Hold call on them below, in the order of their popularity.

1. Washington MutualWM: It looks so cheap, right? Trading in the single digits makes it so tempting. Don't fall for it. The maelstrom of the credit crisis has been with us for well over a year, and unfortunately, there is still more pain ahead. The folks at Washington Mutual have their work cut out for them to get their ship turned around. And frankly, I am not sure if they can do it.

If you must own a financial, look to JPMorgan ChaseJPM as I think Jamie Dimon & Co. will be the big winners from this mess. --SELL

2. Bank of AmericaBAC: BAC reported a very encouraging quarter on Monday morning as most of the Street braced for disaster. Incredibly, the stock is up over 60% in less than a week, and I cannot recommend buying at these elevated levels. I still think there is more pain ahead for the financials, and BAC still has the mortgage jungle known as Countrywide Financial to absorb and assimilate into its business model. -- HOLD

3. QualcommQCOM: An interesting new pick in rankings. QCOM is a great way to play the nascent growth of smartphones and third-generation wireless technology. This mega-cap tech bellwether ($73 billion market cap) has 30% global market share for the 3G market but does not have direct exposure to the iPhone. The 3G wave is starting, and QCOM will be a winner. Further, tech stocks such as QCOM will soon be entering their seasonally strong period in the fall. A lot to like here. -- BUY

4. WachoviaWB: A tough battle brewing here. Meredith Whitney, a top-notch banking analyst from Oppenheimer downgraded shares of WB last week. She has been dead right in her bearish view on financials and is considered the "hot hand" on the Street. However, Bob Steel was recently named the new CEO. He is one of the most respected managers out there and if there is one person that can pull Wachovia out of its malaise, it is Bob Steel. So, what to do? Absolutely nothing! Just watch and wait. The best part of being an individual investor is that you do not have to play if you don't want to. --HOLD

5. Fannie MaeFNM: Nice rally over the past week for this "government-sponsored enterprise" or GSE. I reiterate that unless you are a professional trader with a very quick trigger finger, I strongly urge you to stay away from playing in this shark tank. One year ago, FNM was trading at $64.77, and even with the rally last week, shares are still down a gigantic 73%. -- SELL

6. Quanta ServicesPWR: Adoption of wind power as a viable energy source is gaining momentum with utilities and mainstream consumers. Last week, the Texas Public Utility Commission approved a new power transmission line project to build out the wind electrical grid. The approval is estimated to be worth $4.93 billion. I have been and remain a buyer. -- BUY

7. CitigroupC: Some signs of life from Citigroup last week as it reported better-than-expected earnings. Yes, the numbers were horrible, but "less horrible" is sometimes good enough for a pop in shares. I continue to believe the enormous deposit base that Citigroup has will be monetized over the long run, and the company is selling "legacy assets" to firm up its capital base. Last week, it announced the sale of its German retail banking operation. -- BUY

8. GoogleGOOG: Mr. Google has not paid us a visit in quite some time, and I wish the Googster stayed away, given the poor earnings report last week. Google missed first-quarter consensus estimates of $4.74 by 11 cents. The miss was attributed to higher-than-expected operating costs, which rose to 31% from 30% in the last quarter. I think GOOG has downside risk to the $450 area and would stay away until then. -- HOLD

9. Chesapeake EnergyCHK: Last week, we switched gears on this natural gas play after being correctly concerned about a near-term pullback in CHK shares. The stock dropped 25% from a high of $74 to its current quote of $55. At these levels, CHK shares offer a great risk/reward, and I want to be a buyer.

Further, Chesapeake Chairman and CEO Aubrey McClendon is a voracious buyer of his own stock. And when the CEO buys, I like to buy as well. Last week, McClendon bought 750,000 shares at $57.25 for $33.4 million in total value. Right now, you can buy shares lower than where he paid. Sounds like an opportunity to me. -- BUY

10. Wells FargoWFC: For once, the Street was shocked pleasantly in the financials. Last week, WFC reported record revenue and an increase in its quarterly dividend. Let me repeat that, an increase in the dividend! This news sent shares soaring more than 30% for the day and left the bears dazed and confused. I think JPM and WFC are the best positioned large-cap banks going forward, but I cannot recommend buying WFC at its current quote. Look for a pullback below $24 if you are interested. I think you will get the chance. -- HOLD